5G Smartphone Market is expected grow at a CAGR of 124.9% by 2027

IndustryPRwire - The global 5G smartphone market was valued at US$ 13.4 Billion in 2019 and is expected to surpass US$ 4,032.3 Billion by 2027, registering a CAGR of 124.9% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.

The growing trend of smartphone-connected healthcare devices, automobiles, and fleet management operations is expected to drive market growth during the forecast period. The doctor can perform virtual operations by using advanced technology in smartphones. Moreover, telepresence surgery is used in the medical industry and with the help of surgeons skilled in technology, patients can be operated from a distance and give the appearance of being present in the surgeries.  This smart technology provides doctors with the “feel” of virtual patients through virtual reality applications in the medical field. This is expected to drive demand for 5G smartphone during the forecast period. In June 2020, China Mobile Limited and ZTE Corporation launched China's first 5G medical edge cloud platform. The new platform provides innovative medical applications such as remote diagnosis and surgery, artificial intelligence (AI) assistance, mobile medicine, and surgical instruction.

Key Trends and Analysis of the Global 5G Smartphone Market:

  • Asia Pacific held dominant position in the global 5G smartphone market in 2019 and is expected to retain its dominance throughout the forecast period owing to increasing population and disposable income. According to the World Bank report, the population in India reached US$ 1,341.0 million in March 2020, from 1,327.0 million in March 2019. According to the National Bureau of Statistics (NBS), China’s rural and urban per capita disposable income reached US$ 5,658.45 from US$ 2,107.2 in 2018. The growing demand for technologically advanced smartphones is also expected to drive market growth during the forecast period
  • North America is expected to exhibit significant growth during the forecast period due to increasing adoption of smart technologies such as artificial intelligence and cloud in the region. For instance, in March 2019, Huawei Technologies Co. Ltd. launched Telco Cloud Networking Solution. This new solution delivers highest density 400G data center network in the industry and allows carriers to offer innovative services such as 5G, Internet of Things (IoT), and Virtual Reality (VR).
  • Among operating system, the android segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period owing to increasing demand from emerging and developed countries. For instance, in August 2020, OPPO Mobile Communication Co., Ltd. launched Oppo K7 5G smartphone to support 5G in China. Oppo K7 5G smartphone provides benefits such as quad rear camera set up and fast charging support.

Request A Sample @ https://www.coherentmarketinsights.com/insight/request-sample/4192 

5G Smartphone Market - Impact of Coronavirus (Covid-19) Pandemic

Due to COVID-19 pandemic, several industries have witnessed significant shift in their business. There has also been a significant impact on the growth of 5G smartphone market as manufacturing operations are temporarily suspended across many countries to contain the coronavirus. There is also a shortage of 5G chipsets in the market due to disruption in production. Many manufacturing companies such as Samsung, Xiaomi, OPPO and LG Display have suspended their manufacturing operations in China, India, South Korea and in European countries. For instance, in May 2020, OPPO Company shut down its operations in Noida, India. Additionally, demand for 5G smartphone devices has decreased due to lockdown imposed in several countries.

Based on operating system, the android segment is expected to drive the market growth during the forecast period

Among operating systems, the android segment is expected to hold a dominant position in the global 5G smartphone market during the forecast period due to affordable cost, ease of use, long-lasting battery, and other advantages of android-enabled 5G smartphones. There is higher preference among consumers for these devices owing to ease of accessibility and lighter weight. Moreover, the latest android mobile devices can multitask and are equipped with sensors and fingerprint security features, which provide a competitive edge over other operating systems. Android 5G smartphones also come with various free applications such as Whatsapp, Netflix, and others

Competitive Insight: 

Major players operating in the global 5G smartphone market are Huawei Technologies Co., Ltd., SAMSUNG, Apple Inc., BBK Electronics Corporation, Motorola Mobility LLC, LG Electronics, OPPO Mobile Communication Co., Ltd., Xiaomi, Nokia, ASUSTeK Computer Inc., Sony Corporation, Micromax, HTC Corporation, and Lenevo.

About Coherent Market Insights 

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. 

Contact Us:

Mr. Shah

Senior Client Partner – Business Development

Coherent Market Insights


US: +1-206-701-6702

UK: +44-020-8133-4027

Japan: +81-050-5539-1737

India: +91-848-285-0837

Email: sales@coherentmarketinsights.com

Related Posts

Subscribe Our Newsletter